Online Reporter
Rutendo Nyeve
[email protected]
THE Government is set to establish a dedicated microfinance bank for war veterans, with operations expected to begin in the first quarter of 2027 as part of efforts to promote sustainable economic empowerment among liberation war veterans.
The institution, which will operate under the Veterans Investment Holdings Company, is aimed at improving financial inclusion for veterans, particularly those in rural and remote areas who have limited access to conventional banking services.
Veterans Investment Holdings Group chief executive officer Mr Cougan Matanhire announced the plans during an engagement in Victoria Falls, saying the bank would initially operate as a credit-only microfinance institution before gradually expanding its services.
“We are setting up a microfinance bank, initially as a credit-only institution to cater for veterans in remote areas with limited access to traditional banks,” said Mr Matanhire.
He said the initiative formed part of the company’s broader mandate to create sustainable revenue streams for the Veterans Fund, which supports healthcare, education for veterans’ children and funeral assistance.
The bank will leverage technology to enable veterans to access financial services through mobile platforms, complementing Government’s village business units programme aimed at promoting economic activity at community level.
Mr Matanhire said the institution would be rolled out in phases, beginning with a credit-only model, progressing to a deposit-taking microfinance bank in the third year, before eventually becoming a fully-fledged commercial bank.
“We want to prove the concept and avoid past mistakes before transitioning,” he said.
Veterans Investment Holdings is partnering with POSB Bank on the project, with regulatory processes nearing completion. The company is awaiting the final application to the Reserve Bank of Zimbabwe, while the Cabinet Committee is already seized with final approvals.
The initiative comes amid calls by war veterans for more sustainable empowerment programmes beyond once-off interventions, with the proposed bank expected to provide long-term opportunities for investment and entrepreneurship.
Minister of Veterans of the Liberation Struggle Affairs Senator Monica Mavhunga said Government remained committed to improving the welfare of veterans.
“We are happy that the empowerment drive by President Mnangagwa to uplift war vets is now paying dividends,” she said.
Beyond the financial services sector, Veterans Investment Holdings is expanding investments in mining, agriculture and tourism, including projects such as Nyadora Farm, as it seeks to build sustainable income streams for the Veterans Fund.
The planned bank is expected to become a key pillar in Government’s drive to enhance economic participation and financial independence among Zimbabwe’s liberation war veterans.
